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Bitstamp KYC...are you kidding me??
#1
I'm a happy customer at Bitstamp. Yesterday I was met by their new KYC saying:

"Please help us better understand your intended Bitstamp account usage by providing the information requested below, as a part of our AML/CTF regulatory obligations. Make sure the submitted information is correct and up to date, as this may result in faster processing of your transactions."

They are asking for highly private information. I thought they were kidding. 

Your current occupation:
Your annual income:
Your net worth: 
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:


I wrote them this:


Hi

I have been here for many years now and is happy with your service. Today I see the KYC form that is asking quite personal questions. Annual income, net worth etc. That is really too much. It's none of your business to say it straight out. Please remove those personal questions.



-----




Dear Carsten,

Please note that we are required by our internal policies to establish the nature of your relationship with Bitstamp and source of funds (fiat and/ or crypto).

Please be advised that our procedures are a manifestation of Bitstamp's proactive approach towards compliance and transparency.

The questionnaire is standard and serves for anti-fraud and anti-money laundering purposes which represent a considerable risk when dealing with Bitcoin technology.

For more information, please see: 
https://www.bitstamp.net/terms-of-use/
https://www.bitstamp.net/privacy-policy/
https://www.bitstamp.net/aml-policy/

Best regards,
Marko F.


As can bee seen users are pissed.  https://ambcrypto.com/bitstamp-rolls-kyc...rustrated/

This is a very bad development.
Cardano is the most promising 3 gen. crypto right now.


Reply
#2
(2018-04-21, 09:43 AM)Carsten Wrote: I'm a happy customer at Bitstamp. Yesterday I was met by their new KYC saying:

"Please help us better understand your intended Bitstamp account usage by providing the information requested below, as a part of our AML/CTF regulatory obligations. Make sure the submitted information is correct and up to date, as this may result in faster processing of your transactions."

They are asking for highly private information. I thought they were kidding. 

Your current occupation:
Your annual income:
Your net worth: 
Your source of funds:
Your annual deposit estimation:
Your annual transaction number estimation:


I wrote them this:


Hi

I have been here for many years now and is happy with your service. Today I see the KYC form that is asking quite personal questions. Annual income, net worth etc. That is really too much. It's none of your business to say it straight out. Please remove those personal questions.



-----




Dear Carsten,

Please note that we are required by our internal policies to establish the nature of your relationship with Bitstamp and source of funds (fiat and/ or crypto).

Please be advised that our procedures are a manifestation of Bitstamp's proactive approach towards compliance and transparency.

The questionnaire is standard and serves for anti-fraud and anti-money laundering purposes which represent a considerable risk when dealing with Bitcoin technology.

For more information, please see: 
https://www.bitstamp.net/terms-of-use/
https://www.bitstamp.net/privacy-policy/
https://www.bitstamp.net/aml-policy/

Best regards,
Marko F.


As can bee seen users are pissed.  https://ambcrypto.com/bitstamp-rolls-kyc...rustrated/

This is a very bad development.
It is a bridge to far.
Where is the phlosofy of decentralazation?

Let's hope DEX (decentralized exchanges) will raise soon.
What is this thing that builds our dreams, yet slips away from us?

Reply
#3
Yes it's really to far. Sadly Invictus (https://invictuscapital.com/) is doing almost the same when you sign up for KYC. They ask for source of income and how much you plan to invest.
Cardano is the most promising 3 gen. crypto right now.


Reply
#4
(2018-04-21, 10:57 AM)Carsten Wrote: Yes it's really to far. Sadly Invictus (https://invictuscapital.com/) is doing almost the same when you sign up for  KYC. They ask for source of income and how much you plan to invest.
Yep.
The only reason I can think about is; maybe they are legaly obliged to?
Invictus is an investment.

Bitstamp is only an exchange intstitution, a market place. When you go to the bakery, the baker does not have to ask you where your $2 came from and how many breads you intend to by in the future, ...
What is this thing that builds our dreams, yet slips away from us?

Reply
#5
It is the freaking USA IRS that is requiring this from all banks, stock exchanges, mutual funds etc around the world.

That is why also ask if have more $10,000 cash or securities when travelling between countries too.
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#6
Ah, yes the free country USA! Seems like it's not the free anymore Big Grin No tax of on crypto in Denmark.... I think in many ways we are more free than USA. Except for prices of cars (150% tax) and gasoline.
Cardano is the most promising 3 gen. crypto right now.


Reply
#7
(2018-04-21, 10:57 AM)Carsten Wrote: Yes it's really to far. Sadly Invictus (https://invictuscapital.com/) is doing almost the same when you sign up for  KYC. They ask for source of income and how much you plan to invest.

I replied, source: personnal and how much: 500$... and got whitelisted anyway. But, I was also not really happy with those questions...
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